Irish Prime Minister Brian Cowen resigned as party leader, the ruling coalition collapsed, and six ministers quit. Some say the volatile week may actually help the country get back on its feet.
The budget unveiled yesterday proposes tax increases and spending cuts across all sectors of Irish society.
The Irish government says a $112.5 billion bailout will come with a 5.8 percent interest rate. The public appears unhappy with the bailout, but uncertain where to direct its anger.
Ireland's Green Party has said it will pull out of its coalition under Prime Minister Brian Cowen. Cowen has called for elections in early 2011, but opposition leaders want a vote now.
Ireland is negotiating with the European finance officials over an aid package that could come with strings attached.
An Ireland bailout is possible after government bonds tumbled in recent weeks. The country is under pressure to accept a $100 billion bailout that could prove a bitter pill for the former 'Celtic Tiger.'
Many in Ireland are stunned that the once high-flying 'Celtic Tiger' is now just another battered economy – and by fresh revelations of coverups of sexual abuse of children in the Roman Catholic church as Pope Benedict XVI apologized directly to Irish abuse victims.
Ireland, amid fast cultural change, is set to approve civil unions for same sex couples.
Closing a corporate tax loophole could yield $60 billion for the US, but it threatens to undermine an already weak Irish economy.